I bought a DCS 2012 raffle ticket!

[Chris Burns]

I bought a raffle ticket today! At least I will have a shot at winning this. Wish me luck guys (fingers crossed).

[Ryan King]

How much are tickets?

[Chris Burns]

50 bucks each.

[sean]

http://www.robomerchant.net/deloreancarshow/cart.php?target=category&category_id=63

[Ryan King]

Basically, I really want Chris to win. Are we allowed to buy tickets any put other people's names on them? Who is with me on this??

[stevedmc]

Basically, I really want Chris to win. Are we allowed to buy tickets any put other people's names on them? Who is with me on this??

You could just buy a bunch of tickets and give him the car when you win.

[Nicholas R]

I saw the raffle car last thursday, it's really nice! I think it's the nicest yet. VERY low mileage, something like 5,000 or 7,000 miles. Stored for a long time but definitely brought back. It runs great now. If I recall correctly it's an 83, (very late 82 build).

EDIT: Just check the DCS Store:

The Raffle Vehicle:
- 1983 DeLorean - VIN 16559
- 5-Speed Manual Transmission
- Black interior with the grey carpets
- Mileage approx 5,069 (currently being driven to events and for promotional purposes)

[Chris Burns]

Thanks for the help Ryan! It's much appreciated.:devil:

[Ozzie]

Basically, I really want Chris to win. Are we allowed to buy tickets any put other people's names on them? Who is with me on this??

Well, I can't help financially, but if Chris wins and I'm there, I will give him a standing ovation while standing on my chair.

[dvonk]

if Chris wins... I will give him a standing ovation while standing on my chair.

+1. i would love it if a non-owner on the forum won the raffle. :bigclap:

of course, i wouldnt mind if it were myself either. :wink:

speaking of us non-owners, Karin, are you buying a ticket?

[1Mcfly4u]

Everyone knows the only people that win them are people who already have 2+ cars....

[Chris Burns]

Thanks for the vote of confidence:eek5:

[Kukem]

Wow...makes me glad I bought a ticket then. :frown:

[DMCMW Dave]

Everyone knows the only people that win them are people who already have 2+ cars....

It's the odds. Most people who attend (and know about) the shows are owners. Most people who buy tickets are owners. Therefore odds are most winners will be owners. If Ken found a way to market tickets to more non-owners, the odds would shift.

Your personal odds are no different in any case, and depends only on how many tickets you buy vs the total number sold. I believe that the number is tickets is limited, and usually sells out, so it's pretty easy to calculate your chances of winning based on the tickets sold.

[dvonk]

if you buy 30 tickets you have a 1 in 20 chance of winning... :wink:

[Cory W]

Hey, SOMEONE has to win. There are a few owners out there who got their car this way. Even if it was a long shot, who on here wouldn't want a chance at a DeLorean for $50?

Good luck to everybody out there, but if my tickets win, I'm keeping it :smile:

[Chris Burns]

Win or lose, I am thankful that I was able to least get myself in the ring. Good luck to us all!

[Jonathan]

Hey, SOMEONE has to win. There are a few owners out there who got their car this way.

Truer words have never been spoken :) And like David Letterman said, "you can't win if you're not in!" I'll be hoping your number is drawn too, Chris. If there was only some way to channel this "luck of the Irish" into these things... :)

[TheDon]

I need to get one, or two, or three

[Chris Burns]

Truer words have never been spoken :) And like David Letterman said, "you can't win if you're not in!" I'll be hoping your number is drawn too, Chris. If there was only some way to channel this "luck of the Irish" into these things... :)

Thanks John! Any luck would be appreciated.:race:

[Jonathan]

Good luck to any of you hoping to win a DeLorean :) But when I saw this motivational poster on a friend's page, I thought of some of the folks on here dreaming of the day. Go make it happen!!!!!

8434

[Chris Burns]

I did an estimate and this is what I came up with:

$50.00x600 tickets= $30,000

I'm thinking at least 300 to 400 tickets will have to be sold in order for the car to be given away.

My math skils aren't great, but that's my estimate.

[ccurzio]

Good luck to any of you hoping to win a DeLorean :) But when I saw this motivational poster on a friend's page, I thought of some of the folks on here dreaming of the day. Go make it happen!!!!!

8434

Nice. I've wanted to post replies so many times to the effect of "Stop talking about doing it and just do it."

[johan900]

Just bought my 2 tickets:Headspin:

"You can´t win if you ain´t in" - true that !

[Nicholas R]

I did an estimate and this is what I came up with:

$50.00x600 tickets= $30,000

I'm thinking at least 300 to 400 tickets will have to be sold in order for the car to be given away.

My math skils aren't great, but that's my estimate.

In 4 raffle cars, the raffle car has never not sold all 600 tickets. In 04 and 06 there were tickets available at the show and they sold out there. In 08 there were only a handful of tickets left at the show. In 2010, the raffle car tickets sold out before the show. Ken estimates that this will indeed happen again. If you want a ticket, you need to get one before the show because most likely there wont be any left.

[Chris Burns]

The raffle car will be driven this weekend in the St Patrick's Day Parade. Here is a little preview of it. It's looking good as they are doing a lot of work to it!

[qwerk]

The raffle car will be driven this weekend in the St Patrick's Day Parade. Here is a little preview of it. It's looking good as they are doing a lot of work to it!

At first I read that as "The raffle car will be given away this weekend at the St Patrick's Day Parade." Got all excited for nothing ;)

[Chris Burns]

Almost 200 raffle tickets have been sold and counting! Looks like they are selling well:Headspin:

Someone (Delorean owner) on FB offered to buy me a couple of tickets for the raffle car. I'm touched (to the point of tears).

I have no financial power right now, so buying a Delorean would be out of the question.

I hope I win this one!

[sadeeky]

Almost 200 raffle tickets have been sold and counting! Looks like they are selling well:Headspin:

Someone (Delorean owner) on FB offered to buy me a couple of tickets for the raffle car. I'm touched (to the point of tears).

I have no financial power right now, so buying a Delorean would be out of the question.

I hope I win this one!


Already done Mr. Burns. I bought 2 tickets in your name. I didn't know your contact info so I went ahead and put mine. So now you have 2 extra chances of winning. I belive it would be a blessing for a non owner and enthusiast to win this car and make your dream come tru :elmo3:

[Chris Burns]

Already done Mr. Burns. I bought 2 tickets in your name. I didn't know your contact info so I went ahead and put mine. So now you have 2 extra chances of winning. I belive it would be a blessing for a non owner and enthusiast to win this car and make your dream come tru :elmo3:

Thank you soo much man!! I can't thank you enough.:biggrin:

[DatumX]

Hi, I've bought a ticket for the raffle already (seems a lot sold in the last 24 hrs, less than 400 left! :shock: ) and would be delighted to win...but...having had a look at the photo posted by Chris here (http://dmctalk.org/attachment.php?attachmentid=8917&d=1331582355) after buying it, I can't help noticing that the drivers side wing seems to be pretty dented and the bonnet appears to be quite heavily X'd (the raffle photos were taken from the passenger side)

I know a lot of good work is usually done to get the raffle cars up to a good standard before the draw. I was wondering if anyone can post a few more photos and talk about the general condition of VIN 16559 now and what plans there are for it before the draw?

[Kukem]

Well, you know, if you did win a DeLorean and say you did buy 4 tickets at $50 a piece, then you'd have only spent $200 to get a running car with some work that needed to be done to it. I say, heck that's a great deal! Good luck!

[Cory W]

Well, you know, if you did win a DeLorean and say you did buy 4 tickets at $50 a piece, then you'd have only spent $200 to get a running car with some work that needed to be done to it. I say, heck that's a great deal! Good luck!

*Cory W likes this*

Mine needed more, but for the price I paid.......

[stevedmc]

Hi, I've bought a ticket for the raffle already (seems a lot sold in the last 24 hrs, less than 400 left! :shock: ) and would be delighted to win...but...having had a look at the photo posted by Chris here (http://dmctalk.org/attachment.php?attachmentid=8917&d=1331582355) after buying it, I can't help noticing that the drivers side wing seems to be pretty dented and the bonnet appears to be quite heavily X'd (the raffle photos were taken from the passenger side)

I know a lot of good work is usually done to get the raffle cars up to a good standard before the draw. I was wondering if anyone can post a few more photos and talk about the general condition of VIN 16559 now and what plans there are for it before the draw?

If you win it I'm willing to buy the car for you at an extremely high markup. I'll pay you double whatever cost you have tied up in it.

[DatumX]

If you win it I'm willing to buy the car for you at an extremely high markup. I'll pay you double whatever cost you have tied up in it.

I see the cheap seats are filling up quickly!

Thanks Steve, I'll take you up on that kind offer. Just roughly I'll give you a heads up of the cost to me:

$500 Transport to a Port
$1500 Shipping to the UK
$200 Shipping Insurance
$3000 VAT (Value Added Tax)
$200 Road Tax
$150 UK conversions (lights etc)
$50 Don't forget the raffle ticket.

The figure of $5600 is very a rough estimate but I'll let you know after I've won how much exactly you owe me and where to send the cash. Oops, did you say double? It'll be closer to $11200 then.

Anybody got any useful information about the car?

[Chris Burns]

All I know is that it's had some work done it such as:

Fuel system clean out
Dents and scratches will be removed before the show
Fuel pump changed out
New water pump
New seat cover
New tailights
Recovered binnacle

This one was built while DMC was in receivership under the supervision of KPAC.

I'm wonder what the tax for me would be if I won it. What would that Delorean be valued at?

[stevedmc]

Oops, did you say double? It'll be closer to $11200 then.
Works for me.

[Jonathan]

I'm wonder what the tax for me would be if I won it. What would that Delorean be valued at?

It would be ZERO if you were in Canada. We don't pay taxes on lottery winnings. Lots of taxes on other stuff, but you can gamble for free ;)

[Chris Burns]

Maybe I should tell them I'm from Canada (wink wink).:rofl:

[DatumX]

Thanks for that information Chris. I'm not sure what it would be worth, particularly as I've not seen it, that's what I'm trying to determine to get an idea what kind of import tax I'm going to have to pay (thinking positively!) This blog (http://delorean2109.blogspot.co.uk/)may be of some help in detemining prevailing prices though.

From what I understand I'd have to pay what it would be worth if it were for genuine sale to me and I can't regard it as "free" because I won it.

We also don't pay "lottery tax" on national lottery wins (Jonathan) if they are won in the country but I think I would still have to pay "import tax" if I win it out of the country. I guess it comes down to where I am deemed to have won i.e. where I hear about winning it, where I buy the ticket, where my payment is directed, where the ticket is drawn etc.

[Jonathan]

Gotcha DatumX. Ya, if you win cash there is no tax, and even if you won quite a bit of cash in Vegas say, there are some forms you fill out to get back the taxes you paid while in the States. Now winning a physical object like a car, ya, you have to still do all the import stuff. I think. .......Cory????

[Cory W]

Now winning a physical object like a car, ya, you have to still do all the import stuff. I think. .......Cory????

It's the same as purchasing the car and bringing it home, yes. Whatever "price" has been put on the appropriate forms (title, bill of sale, "purchase agreement") was used for taxation valuation in my particular case.

[Squall67584]

Do you have to be present at the show to win?

[Cory W]

Do you have to be present at the show to win?

No.

[Nicholas R]

Hi, I've bought a ticket for the raffle already (seems a lot sold in the last 24 hrs, less than 400 left! :shock: ) and would be delighted to win...but...having had a look at the photo posted by Chris here (http://dmctalk.org/attachment.php?attachmentid=8917&d=1331582355) after buying it, I can't help noticing that the drivers side wing seems to be pretty dented and the bonnet appears to be quite heavily X'd (the raffle photos were taken from the passenger side)

I know a lot of good work is usually done to get the raffle cars up to a good standard before the draw. I was wondering if anyone can post a few more photos and talk about the general condition of VIN 16559 now and what plans there are for it before the draw?

The car is in very good condition. I help Ken work on it every week. Ken is very skilled with SS body work. The show isn't for another 2 months. Ken has every intention of making sure the car is as show quality as possible.

Also fluorescent lighting brings out DeLorean flaws worse than anything. My hood looks beautiful and I always get a glimpse of the X in Kens building. Honestly I've been around the raffle car since Ken picked it up and never noticed an X until this photo. I still think its just how the light is hitting it.

Also as far as the taxes, that all depends on what Ken places the value at. He's told me in the past what it is but I cant quite recall and dont want to be misquoted so you'd have to ask him. I believe he values it around the price of a standard, good running, daily driver DeLorean. He's certainly familiar with the process of raffling off a car by now.

[DatumX]

Thanks for the info Nicholas.

Only 361 tickets left out of 600 now!

Buy buy buy.

[dvonk]

this thread needs to go away before i buy as many as i did last DCS... :lol:

[DatumX]

Actually, just found this information (http://dmctalk.org/showthread.php?89-DCS-2012-June-14-17-2012-Orlando-FL&p=44733&viewfull=1#post44733) on the car in the DCS 2012 thread from kkoncelik (guessing that's Ken).

[qwerk]

this thread needs to go away before i buy as many as i did last DCS... :lol:

I had to reason with myself when I bought my ticket that I would only buy one at that time and possibly one more if there are any left by summer ;)

[Chris Burns]

Just found out that I will be the assistant to VIN 6813 for DCS! Yea baby!!

[sdg3205]

The car will be in good hands!

[qwerk]

Just found out that I will be the assistant to VIN 6813 for DCS! Yea baby!!

That'd be great if you could just "assist" 6813 over to me ;)

[Iznodmad]

Just found out that I will be the assistant to VIN 6813 for DCS! Yea baby!!

What does that mean? If it means you are gonna help him clean it for the show, then I need an assistant for my DeLorean as well. My wife gets tired of cleaning between the spokes of the wheels and the front grill, etc.

[Chris Burns]

What does that mean? If it means you are gonna help him clean it for the show, then I need an assistant for my DeLorean as well. My wife gets tired of cleaning between the spokes of the wheels and the front grill, etc.

I'm going to help him clean it and probably help him with some door adjustments before the show (6813's passenger door has too much tourqe on it). Then on the awards night he has to go to a concert with his wife. So if his car wins a trophy I will pick it up for him.

I have included a new pic of 6813.

[DatumX]

Half the raffle tickets gone now. Got yours?

[kkoncelik]

Raffle Car

Well over half the tickets were sold by May 1st and here we are today with over 50 tickets being bought so we are now probably by the end of the day down to the 220 Mark.
If I recall I said this would happen so if you want a ticket to the raffle car you better act fast. Three more days like today and they are gone.

Last time we did the raffle the same thing happened and we sold 300 tickets in about a week.

Again if you plan to buy a ticket think about doing it soon since once the tickets are gone they are gone.
Only 600 will be sold.

We put up some new photos of the raffle car in the bonnet area. Have not had those up before.
This weekend we will be cleaning it for the Indy 500 so the car will be in Indianapolis and will be driven on the track.

So if you want a part of history here is your chance.

www.deloreancarshow.com go to store and raffle or click on the link on the home page

Hotel

Rooms are sold out.
There is a waiting list but we have been able to get some rooms from the other convention. Right now there are 6 people on the waiting list and it takes me about a week to clear 5 at this point.
YOU CANNOT GET THEM FROM THE HOTEL
If you need a room contact me and I will try.
Rooms sold out in Feb.
There have been 18 rooms we have gotten due to cancellations so far both our group and the other group.

Event Registration

We are starting to lag here.
We have 204 rooms gone so I would expect about 175 or so registrations.
So far we have 68 so about 3/4 of you are still not event registered.
Please make my job and Marc's job a bit easier and register soon so we can better serve you.

See you in 6 or so weeks

I saw someone do the math on the car and yes you are correct. $50 time 600 is $30 K
Minus the cost of the car.
The cost to title the car (taxes)
The cost to repair the car from its hibernation. (Much of the clean up is donated time) thanks to Dave Bauerle and his crew, Nick, Cliff, Larry, Chris, Other Chris, Josh, Doug, Gerald, Jason, Kenn, myself and others.
And yes A good chunk goes directly to the car show to pay for the guests and expenses like getting the BTTF III car and other cars to the show and keep costs down.
We usually try to get at least $15k to the show from each car. That covers about 1/3rd the major costs. Remember awards, video, stage, and everything else that goes with a show.
The raffle at the show covers some of the guests, and your registration fees and other things you buy cover the rest.
The cost to do this show has gone up tremendously over the years. It has more than doubled from when we started and keep in mind you are in the Hilton at Disney for $129 the same as room in Pigeon Forge, Gettysburg, Chicago, and close to the cost of Lexington. Not bad.

The raffle is the only way I can keep the prices the same year after year.
So thank to all that support the raffle. It truely helps everyone.

You also made my dream come true to put a show in Orlando.
I have tried that 5 times before and failed.
The bad economy in 2008 allowed this to happen so please take advantage of this Beautiful resort. It won't happen again any time soon I can assure you.

I do limit it to 600 though to keep your chances at winning a good one.
At 400 tickets it would not have covered what it cost me last time for the car.
keep in mind Visa and paypal also get a cut so we don't see all of it.
But thats fine I really appreciate the support you all have given me over the years.
I am really excited tonight because this is the biggest night of sales I have ever had doing this show.
Thank you all.

So hope you get a ticket before they are all gone.

Ken

[dvonk]

thanks for all your hard work to make DCS a reality, Ken! :aniclap:

[SIMid]

Tempted to buy a ticket. :evil3:

[kkoncelik]

I would not wait long.
Last night the furror continued and as of this morning we had sold 150 tickets in a 24 hour period.
there were 155 tickets left the last time I looked this morning. Based on the rate of 6 per hour (you do the math)
Its not going to take long to sell out.

Where else can you get a chance on a DeLorean for $50

There are four previous winners out there.
Two bought tickets and were not at the show and two of the winners were at the show.

Your odds are the same as anyone 1 in 600 a lot better than the lottery.
And you get the best prize of all
A DeLorean
and support a good cause.
But don't wait and I am serious here I do not expect the sales of these tickets to last until the end of the week based on what happened last night.
This is the exact same pattern as Bernie Manderville's car that we gave away last show.

There are some new shots of the bonnet area (trunk) for you to look at on the store site. Check it out.
www.deloreancarshow.come go to the store or click on the raffle car link.
Ken

[ccurzio]

Where else can you get a chance on a DeLorean for $50


Plus tax.

[Renault 17]

I just bought three tickets and I'm a broke student. I bought 2 in 2010! I'd love to win. Can't wait for the raffle.

[nimaside]

Oh my God, I just saw this. Winning would make my life have been worth living. I'm unemployed so I will probably just buy one.

I always wanted a auto though, and this is a standard. I had one 40 min lesson on my friends standard jeep, and I didn't do well at all. I just remember the clutch was heavy, and first gear was a bitch to shift smoothly.

Could someone answer this question?

I've never won anything or know too much about taxes. This car seems to be about$30,000. Now if someone won the car, when you pick it up, do you have to pay taxes to pick the car up and how much? Another word do I need thousands of dollars just to pick up the car I won?


Could someone answer this question?

I've never won anything or know too much about taxes. This car seems to be about$30,000. Now if someone won the car, when you pick it up, do you have to pay taxes to pick the car up and how much? Another word do I need thousands of dollars just to pick up the car I won?

Oh about my tax question, I live in Texas if anyone can help with the answer.

[Chris Burns]

It's anyone's guess, but I imagine at the 20k to 30k it won't be cheap. I think when you file taxes the following year you submit the value of the car as income on your taxes. I still want to win the Delorean though!!

[nimaside]

It's anyone's guess, but I imagine at the 20k to 30k it won't be cheap. I think when you file taxes the following year you submit the value of the car as income on your taxes. I still want to win the Delorean though!!

Right, but my question is basically, you need have money to actually get the car right? You don't just win and drive off, and pay the IRS at the end of the year.

My question is, do you have to be prepared to pay a chunk of money just to take the car away, and is that a large junk of money. I'm not knowledgeable in these things.

[Squall67584]

When you go to register the car in your state, you first have to get it insured, then inspected. From there you take the paperwork to your county tax office and pay the state tax on the amount the car was bought for. Now since its a raffle car, I think you would just pay the amount its valued at. Now how soon do you have to do this? I think you're given 2 weeks to a month. I drove my Impala for a few trips around the block before taking care of all that, but since it didn't have plates I was a little cautious.

[nimaside]

Hmm. The reason I ask is cause if your broke, there's really no point in trying to win, cause of all the money that goes into the winning tax, and the taxes at the end of the year.

Sort of like people who win a whole bunch of stuff on the price of right, but can't afford any of it cause of the taxes. I wanted to buy some tickets, but my parent's (who aren't experts are pretty much saying not to) cause It will be thousands of dollars worth of taxes if you won, and I am out of a job for now. sigh.

[adam_knox]

I think you'd find a solution if you won the car. First of all, in most states you don't need to title the car if you are not driving it. So you could save some dough until you get some money rolling in. As for the IRS tax, pretty sure that isn't due until the end of the year when you file. As for rolling, yeah, you're gonna have to figure out how to pay for it to get it from FL to Texas. That being said, you could A. Borrow some money from someone B. Sell plasma (or sell some other non-organs to get funds in...rummage sale)

[SIMid]

It's anyone's guess, but I imagine at the 20k to 30k it won't be cheap. I think when you file taxes the following year you submit the value of the car as income on your taxes. I still want to win the Delorean though!!

Not if you ship the Delorean out of USA. ;)

[Michael]

Well I tried to order a few, but I forgot my password. Tried to recover my password, but the link in the email sends me right back to recover password page...with no password.

Forget it...That's enough hoop jumping for me.

[nimaside]

. As for the IRS tax, pretty sure that isn't due until the end of the year when you file. As for rolling, yeah, you're gonna have to figure out how to pay for it to get it from FL to Texas. )

Thank's, but they may very well require a large amount of cash to actually pick up the car.

I found this site where someone asks the same question about taxes on a raffle car for the exact same amount and there are some interesting answers here on what the winner will be paying in the begging and during tax season. The whole thing is alot of money.

http://answers.yahoo.com/question/index?qid=20081029162719AAOnUTq

[Dangermouse]

Thank's, but they may very well require a large amount of cash to actually pick up the car.

I found this site where someone asks the same question about taxes on a raffle car for the exact same amount and there are some interesting answers here on what the winner will be paying in the begging and during tax season. The whole thing is alot of money.

http://answers.yahoo.com/question/index?qid=20081029162719AAOnUTq

Those yahoo answers are all over the place. Just guesses.

However, these guys may be a better bet:

http://www.irs.gov/pub/irs-pdf/p4706.pdf

particularly their example "Example: If you pay $1.00 for a raffle ticket and win a $40,000 boat, you must include $40,000 in income."

So I would think the scenario would be

Pay $50 + tax for ticket
Ken draws your name
Handshakes and paper signing. Ken signs over title. Maybe gives you some form of IRS document. No cash changes hands.
You drive home
Register & Title car (Many states require you to title car within 30 days even if you are not driving it)
Possible pay sales tax at this point - check your state's individual policy. Would the $50 ticket count as a bill-of-sale - I don't know
In 2013 declare the $30,000 car as income on 2012 taxes

Ken, or previous winners would be the best to comment on this obviously.

I can't see that you would have to pay State sales tax on the full value of the car as well as federal income tax on it as an income. Surely it can't be a purchase and an income at the same time.

[Dangermouse]

UPDATE

After a chat with a co-worker who won a $800 item last year (above the IRS $600 limit) in a $5 church raffle last year.

At the ticket drawing he had to provide his social security # to the church and in January the following year the organization sent him a 1099-G form identifying a Gift of $800 which he has to declare on his taxes. No money changed hands at the drawing.

Here in GA we are moving to a “Title Tax” on cars to be paid whenever you title the car. This isn’t a sales tax, so I could see a winner from GA having to pay 7% Title tax as well as a 25-35% income tax (depending on your circumstances)

[Chris Burns]

I got my 3 tickets, so I am more than happy:woot: Actually I was satisfied with 1 ticket, but another owner decieded to help me out and buy me 2 more tickets (Thanks again Damian!!). Regardless of what happens with the raffle I am going to have a GREAT time in Orlando (because this is my vacation, and I don't get to go on vacation that often!). It will be an honor seeing more Deloreans than I have ever seen in my life, meeting the owners, learning about the cars, driving 16128 (Thanks again Darren!!), and getting out of Fernandina Beach for 3 days!


:raveon:

[Jeremy Popp]

I can't see that you would have to pay State sales tax on the full value of the car as well as federal income tax on it as an income. Surely it can't be a purchase and an income at the same time.

This makes sense, I don't think you can possibly pay both. In the state of Ohio, I was given a vehicle from a family member (value of maybe $1000 at best). When I transfered the title, I payed zero sales tax - because I didn't buy it. I'm not sure if being family mattered or not.

[nimaside]

Those yahoo answers are all over the place. Just guesses.

However, these guys may be a better bet:

http://www.irs.gov/pub/irs-pdf/p4706.pdf

particularly their example "Example: If you pay $1.00 for a raffle ticket and win a $40,000 boat, you must include $40,000 in income."

So I would think the scenario would be

Pay $50 + tax for ticket
Ken draws your name
Handshakes and paper signing. Ken signs over title. Maybe gives you some form of IRS document. No cash changes hands.
You drive home
Register & Title car (Many states require you to title car within 30 days even if you are not driving it)
Possible pay sales tax at this point - check your state's individual policy. Would the $50 ticket count as a bill-of-sale - I don't know
In 2013 declare the $30,000 car as income on 2012 taxes

Ken, or previous winners would be the best to comment on this obviously.

I can't see that you would have to pay State sales tax on the full value of the car as well as federal income tax on it as an income. Surely it can't be a purchase and an income at the same time.

I appreciate your useful information. Though it doesn't quite answer my question as I need to research my own state of texas. My parents our under the strong impression that many people who win thing like these can't even get them released to them, due to them not being able to pay upfront taxes, so this of course really got me concerned.

Thanks again alot for your help.

[nimaside]

Update: It's more like they are concerned that they haven't given an actual worth of the car as well. We are adding it up to $30,000, but that was never stated in any of the information. When you win the car, they may say this car is worth $50k or $90k for example. Meaning when tax time comes, who knows what the amount of winnings income you have to add.

Anyway, I bought a ticket. I'm not going to let these things get in the way of winning my dream car for the last 13 years.At night I literally daydream about owning a delorean and driving it around my city-these happy thoughts help me sleep. 8)

[Jonathan]

If you look at this a different way, I think buying the $50 ticket is a no brainer.

If you win, two things can happen:

1) You just won your dream car and you will find a way to come up with the $100 or $1,000 or $10,000 or whatever it is in fees or taxes.

or,

2) You just won something worth ~$30,000 and there are more than enough people in the DMC community that will buy the car from you for an amount to cover the fees or taxes AND put a heckuva good chunk of change in your pocket.

Like David Letterman says, "you can't win if you're not in!". Good luck with the raffle.

[nimaside]

If you look at this a different way, I think buying the $50 ticket is a no brainer.

If you win, two things can happen:

1) You just won your dream car and you will find a way to come up with the $100 or $1,000 or $10,000 or whatever it is in fees or taxes.

or,

2) You just won something worth ~$30,000 and there are more than enough people in the DMC community that will buy the car from you for an amount to cover the fees or taxes AND put a heckuva good chunk of change in your pocket.

Like David Letterman says, "you can't win if you're not in!". Good luck with the raffle.

That's well put and pretty much my thinking when I bought the ticket today. :)

[dvonk]

That's well put and pretty much my thinking when I bought the ticket today. :)

best of luck to you... id also love to see a 'wannabe' from the forum win! (that includes myself, of course! :wink: )

[Chris Burns]

Raffle car tickets are sold out! Good luck to everyone who participated!!

[nimaside]

Will I get a ticket in the mail? They cashed by card on saturday, so if they do send out the tickets, I'm curious how long it takes. Thanks.

[Squall67584]

I figure we wouldn't get tickets in the mail... bought mine awhile back and nothing in the mail.

[dvonk]

Will I get a ticket in the mail? They cashed by card on saturday, so if they do send out the tickets, I'm curious how long it takes. Thanks.

they will send you your ticket stub(s) in the mail. it takes a while to manually print out, sort & mail 600 tickets; but dont worry, Ken will get them to you. :smile:

for reference, my ticket stubs for DCS 2010 were postmarked June 7th.

[nimaside]

they will send you your ticket stub(s) in the mail. it takes a while to manually print out, sort & mail 600 tickets; but dont worry, Ken will get them to you. :smile:

for reference, my ticket stubs for DCS 2010 were postmarked June 7th.

Thanks

[Kukem]

they will send you your ticket stub(s) in the mail. it takes a while to manually print out, sort & mail 600 tickets; but dont worry, Ken will get them to you. :smile:

for reference, my ticket stubs for DCS 2010 were postmarked June 7th.

Thanks, that's good to know. I got thinking about that a few weeks ago but never bothered to ask about it. I should have. Foolish me.

[dvonk]

no problem, best of luck, gents! :biggrin:

[Chris Burns]

The raffle car made it's debut at Indy yesterday and did quite well!

[dvonk]

FYI: i received my raffle ticket stubs in the mail today. envelope was postmarked June 1st.

[Chris Burns]

Mine came in today as well!:partyhat:

[nimaside]

My ticket came in yesterday to. You guys might as well forget it. Mine's the winner!:wink:

[stevedmc]

I don't even need a ticket. I'm better than everyone else and deserve to attend all the events and get the car for free. This car show is all about me me me.

[Ron]

I don't even need a ticket. I'm better than everyone else and deserve to attend all the events and get the car for free. This car show is all about me me me.I knew it was rigged.

[Dangermouse]

Steve is the S in DCS